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Expect Secure PIN Debit Payments on Your iPhone by Year End

If the three-month trial turns out to be a success, you should be able to make secure PIN debit payments with the iPhone by year end if nothing goes awry.

The Network for Electronic Transfers (NETS) is currently piloting the iSMP mobile terminal by Ingenico, a leading provider of payment services, which instantly transforms the iPhone into a PIN secure payment solution.

Operating on a similar concept as a mobile Electronic Funds Transfer at Point-of-Sale terminal, a merchant only needs to attach the NETS iSMP terminal to an iPhone to collect payments. This will be useful for merchants who need to collect payments outside of their physical retail stores such as food, laundry, home delivery, and courier services.